Yahoo Finance OTTAWA BANCORP, INC. APPROVES STOCK REPURCHASE PROGRAM
OTTAWA, Ill., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that it has approved a stock repurchase program authorizing the purchase of 282,352 shares, representing 10% of the Company’s outstanding shares of common stock. As of September 30, 2021, the Company has repurchased a total of 628,585 shares of its common stock at an average price of $13.14 per share as part of the four stock repurchase programs approved by the Company’s Board of Directors since 2017. Repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for OSB Community Bank, which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificate, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. OSB Community Bank was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.myosb.bank.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve, among other things, general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions and the potential effects of the COVID-19 pandemic on the local and national economic environment, on our customers and on our operations as well as any changes to federal, state and local government laws, regulations and orders in connection with the pandemic. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under applicable law.
CONTACT: Contact: Craig M. Hepner President and Chief Executive Officer (815) 366-5437
